USDCAD broke above the falling trend line from 1.0852 to 1.0678, suggesting that a cycle bottom had been formed at 1.0138 level on daily chart, and the fall from 1.0852 had completed at 1.0138 already. Further rally is still possible next week and target is to test 1.0852 previous high resistance.
For long term analysis, USDCAD formed a cycle top at 1.0852 level on weekly chart. Rang trading between 0.9930 and 1.0852 would more likely be seen in next several weeks.
